The more people there were, the more liabilities.
To national debts there has been added a great mass of municipal and local indebtedness, which seems likely to equal, or even exceed in magnitude the liabilities of the central governments.
Or, when one person is compelled by law to discharge the legal liabilities of another, he becomes the creditor of the person for the money so paid.
In 1908 the state debt was $816,785, and the assets in bonds, railway mortgages and bank stocks exceeded the liabilities by $7 1 7,779.
A Board of Railroad and Warehouse Commissioners, elected by the people, was established in 1875, under a provision of the constitution requiring the General Assembly to establish maximum rates and provide against discriminations.4 The homestead of a housekeeper or head of a family, together with the rents and products of the same, is exempt from levy and attachment except to satisfy its liabilities at the time he acquired it.
